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Saturday, 17 May 2014

Dyman Associates Insurance Group of Companies: 11 Tips Every Home Owner Needs to Know About Insurance

Insurance requires you to think about bad
occurrences … medical problems, car accidents, emergency home repairs. But
although it may sound pessimistic to dwell on what could happen (carpe diem,
anyone?), it’s important to protect yourself from some of life’s biggest
surprises.

When it comes to protecting your home, it’s not
just about safeguarding against structural damage or theft—it’s just as much
about feeling secure in where you live. If disaster strikes, your focus should
be on reclaiming your sense of stability. The last thing you should worry about
is money.

A typical policy will pay for damage to your
property and your possessions in the event of certain storms, fire, theft or
vandalism. Like renter’s insurance, it also provides liability coverage if
someone gets hurt on your property and decides to sue. Homeowner’s insurance
also covers shelter costs, so you don’t have to face crazy hotel bills if
you’re temporarily displaced from your house.

Before committing to a policy, take the time to
research an agent whom you trust—preferably one with good reviews online or via
a personal recommendation. It’s certainly something that Ramzy Ayyad, who
struggled to receive benefits following a house fire in November 2008,
recommends that prospective homeowners do. “I had to deal with a rude
adjuster,” he says. After complaining assertively to the adjuster’s boss, Ayyad
finally received a check for the damages—but the process was exhausting.

4. Which
Preventive Actions Can Reduce Premiums

It may sound like common sense to have a working
smoke detector, but did you know that it might also help you land a lower
insurance quote? The same goes for a burglar alarm. According to
insuranceagents.com, you can reduce your premium by about 5% if you install
something as a simple as a deadbolt, and up 15-20% for a burglar alarm system.

5. How
Replacement Coverage Differs From Market Value

There are two key distinctions that every
homeowner should know: “replacement cost” versus “market value.” Replacement
cost covers repairing or replacing your entire home. Market value is how much
someone would pay to buy your home and accompanying land in its current
downtrodden condition.

6. Why You
Shouldn’t Wait to File a Claim

When buying a policy, make sure to ask about
time limits to report a claim, and then abide by them! If you wait too long,
you may not be eligible for benefits—especially if waiting has made the problem
worse. David Baxter works for a residential and commercial restoration company
in Florida, and he remembers a customer with water damage who waited almost a
month to do anything about it. “When the mold set in, and he decided to call,
his insurance didn’t cover him because it was outside of the 14-day window
required for reporting the problem,” Baxter says.

7. Why You
Should Write Everything Down

Senen Garcia, a lawyer in Coconut Grove, Fla.,
represents homeowners against insurance companies that fail to pay out on valid
claims. He’s seen many denied claims because people don’t keep good enough
records. “Homeowners must document everything that occurs during a loss, do as
much as possible to mitigate [the loss]—and document such mitigation,” Garcia
says.

8. How
Jewelry Is Covered

When David Cohen lost his wife’s rings, he was
relieved that his homeowner’s policy covered jewelry—but it was only up to a
maximum of $3,000. “My wife gave me her rings to hold,” he says. “So I promptly
put them in my jacket pocket … and then forgot about the rings when I took the
jacket to the cleaners. As you can imagine, they were gone.”

9. Why
Good Maintenance Matters

Insurance companies would rather pay as little
as possible to repair damage, so they prize early detection and prevention.
Deacon Hayes and his wife paid for a routine checkup on their air conditioner
because they live in Arizona and wanted to make sure that the system was ready
for summer. “The specialist told us that the unit was on its last legs because
of a hail storm,” Hayes recalls. Thanks to his diligence, Hayes’s

10. How to
Save by Bundling

One way to save money is to bundle your
homeowner’s insurance with other policies that you already own. “But don’t just
buy a bunch of policies in order to ‘save’ money,” Derrick cautions. “For
example, it makes a lot of sense to have your car and homeowner’s policies with
the same company because you’ll usually get some kind of discount. However, if
you don’t have a need for life insurance, don’t buy a policy just because the
agent says you’ll save money on other policies.” After all, if you’re spending
money on something that you don’t need, where are the savings?

11. When
to File a Claim

A large section of Richard Clayman’s wooden
backyard fence came down in a storm. “I didn’t think there was any way my
homeowner’s policy would cover it—and my neighbors assured me that it
wouldn’t,” he says. But he called his insurance company, just in case. “The
agent asked how high (the fence was), what kind of wood it was and how much of
it needed replacing. Next thing you know, I get a $700 check in the mail!”